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IRS to receive an additional 30 million 1099-k

The IRS will received approximately 44 million forms 1099-k (this form is for electronic transactions over $600 during the year and related to applications for payment settlement entities such as Vemno, eBay, Paypal, etc.) in 2024 related to the 2023 tax year from about 14 million received in the prior year. Note that Zelle is

By |2024-11-12T20:28:53+00:00November 17th, 2023|Categories: Business, Individuals|Tags: , , , , , , , |
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Delayed implementation of 1099-K – Third party payments

The IRS announced on December 23rd, 2022 a delayed implementation of the 1099-k third party payments. This reporting requirement has been extremely controversial due to the low threshold to report, considering that many taxpayers use applications like Venmo, Zelle and others to transfer funds for personal activities. These transfers in aggregate over the year would

By |2024-11-17T23:55:15+00:00December 27th, 2022|Categories: Business, Individuals|Tags: , , , , , |
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